The global standstill can lead to a shortterm slowdown as well as a deep mid-term recession. Global supply and demand will both get hurt as economic activity that requires human contacts freezes and as supply chains get injured and even broken.
The government has announced income support of 6,000 rupees () annually to any farm family with land ownership. The average income of marginal farmers, who constitute 67 percent of the total, is very low. For the 2015-2016 fiscal year, the average monthly income of an agricultural household in India was 8,931 rupees.
The government will also "gradually and properly" reduce tariffs on automobiles, he said.
The government and the private sector are expected to use the annual event, organized by China International Exhibition Centre Group Corporation, to build linkages between the two countries.
The fund's second phase, to be launched this year, will be worth billion, according to Xinhua.
The global trade volume for 2020, which has been declining around the world, has seen a rise in China.
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The government also shut down an electrolytic aluminum plant and others with high pollution, and built cultural industry parks on the sites of the plants to attract culture and tourism companies.
The government made the remarks on Thursday in its appeal against the High Court's ruling that the ban is unconstitutional and contravenes the constitutional document of the special administrative region. The court also ruled against the necessity of the ban on facial coverings during assemblies and protests.
The gathering was held on Friday in Qingdao, Shandong province — the third gathering for enterprises at the development zone.
The government should take the initiative to break this vicious circle as much as possible. It is similar to the US government's rescue of several large financial institutions during the 2008 financial crisis.